Oil Rises Above $62
Oil rose above $62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and demand for fuel.China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday without giving a timeline.The trade dispute has prompted analysts to lower forecasts for oil demand and raised concerns that a supply glut could develop in 2020.
Oil Rises Above $57 on China-U.S. Trade Talks, OPEC Cuts
Oil rose to above $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.The Organization of the Petroleum Exporting Countries cut crude output in December, a Reuters survey showed, and the American Petroleum Institute (API) reported a 4.5 million-barrel drop in crude inventories.Brent crude, the global benchmark, was up $1.40 at $57.35 a barrel at 1423 GMT. U.S.
China's Ethanol Push in Doubt as U.S. Trade Dispute Widens
Beijing slows approval process for new ethanol plants; ationwide roll-out of E10 fuel by 2020 in doubt. China's ambitious push to use biofuel in cars nationwide by 2020 is in doubt amid concerns about supplies of raw material such as corn, complicated by an escalating trade dispute with Washington, producers and analysts say. In September last year, the government outlined radical plans to roll out the use of ethanol in gasoline nationally by 2020, in part to digest its huge corn stocks. State-controlled producers…
China Keeps LNG off Tariff List - for Now
China embroiled in festering trade dispute with United States even as Chinese imports of U.S. LNG expected to surge -Morgan Stanley. China's omission of liquefied natural gas (LNG) from its vast list of U.S. products that face hefty import duties from Friday has preserved a potential weapon should the trade war with Washington deepen. It also underscores Beijing's desire to ensure supplies of gas as it pushes to switch millions of households and businesses away from using coal as a key part of its 'war on pollution'. China will on Friday impose tariffs on $34 billion of U.S.
China's Independent Refiners Gear up for Ethanol Push
Dongming plans to import ethanol, may produce biofuel; China set 2020 target for nationwide 10 pct biofuel use. China's top independent oil refiner is buying ethanol and two others are seeking government approval to blend the biofuel into their gasoline ahead of the country's 2020 deadline to add it to the nation's fuel supply, several sources told Reuters. China mandated last September that gasoline supplies should contain 10 percent ethanol, an alcohol typically produced from corn, in a blend known as E10. The…
China Temporarily Bans North Korean Coal Imports
China's Commerce Ministry said it will put a temporary ban on imports of North Korean coal as part of a U.N. Security Council resolution meant to deter Pyongyang from pursuing its nuclear weapons programme. The 15-member Security Council late last month put new sanctions on North Korea aimed at cutting its annual export revenue by a quarter after it carried out its fifth and largest nuclear test so far in September. "To implement United Nations Security Council Resolution 2321, according to the People's Republic of China's Foreign Trade Law…
Oil Rises on Weaker Dollar, Market Signals
Pre-winter oil stocks lower than usual; weaker dollar pushes crude higher. Oil prices rose on Tuesday, helped by a weaker dollar and the notion that global markets oversupply may be moderating, ahead of a November meeting of OPEC producers that could decide to cut production. A proposal by the Organization of the Petroleum Exporting Countries to cut or cap output helped lift crude prices above $50, but not much more because market participants doubt the cartel's ability to strike and implement a concrete deal. But…
China Blasts Australian Blocking of Grid Sale
China voiced anger on Friday over a decision by Australia to rule out on security grounds the preferred Chinese bidders for an energy grid potentially worth more than $7 billion and restart the sale process. Australia's Treasurer Scott Morrison, who must approve major foreign investments, formally blocked the sale of Ausgrid to State Grid Corp of China and Hong Kong's Cheung Kong Infrastructure Holdings earlier in the day. Last month, Britain said it would review plans to build two nuclear reactors at Hinkley Point with financial backing from China General Nuclear.
India Mulls Oil-for-Drugs Deal with Vens
Venezuela facing pressure to pay bills from many sectors. Indian officials say they have proposed an oil-for-drugs barter plan with cash-strapped Venezuela to recoup millions of dollars in payments owed to some of India's largest pharmaceutical companies. Several of India's generics producers, led by the country's second-largest player Dr Reddy's Laboratories Ltd, bet heavily on Venezuela as they sought emerging market alternatives to slower-growing economies such as the United States. But the unravelling of Venezuela's…
WTO Rules Against India in Solar Dispute with U.S.
The World Trade Organization (WTO) has ruled against India in a dispute with the United States over its solar power program, Indian business newspaper Mint reported on Wednesday. Mint quoted an unnamed official from the Indian commerce ministry as saying the country planned to appeal the decision, made after the United States complained about domestic content requirements in a program aimed at easing chronic energy shortages in India, Asia's third-largest economy. India has said it expects peak power demand to double over the next five years from around 140,000 megawatts today.
China: More Refiners to Import Crude Oil
China introduced new regulations on Monday paving the way for smaller refining firms to import crude oil, as it looks to encourage private investment in a sector dominated by big state-owned firms. Under rules posted by the National Development and Reform Commission (NDRC) on its website (www.ndrc.gov.cn), domestic refiners will be able to apply for access to imported oil if they meet new technical and environmental standards. Firms can then apply to the Commerce Ministry to import oil. China, the world's second-largest oil consumer, regulates its oil imports via a quota system to ensure stable domestic supply.
More Than 3,000 Chinese Evacuated From Vietnam After Violence
More than 3,000 Chinese nationals have been evacuated from Vietnam, state news agency Xinhua said on Sunday, following deadly rioting that stemmed from an outpouring of rage over Chinese oil drilling in a disputed area of the South China Sea. The violence was triggered by China's positioning of a $1 billion oil rig in a part of the South China Sea claimed by Hanoi, a move described by the United States as provocative. It is the worst breakdown in ties between the two Communist neighbours since a short border war in 1979. The evacuation followed days of clashes between Vietnamese rioters and Chinese workers.
